bitFlyer is one of the largest Japanese cryptocurrency exchanges in the world. The European arm of the company has recently integrated global payment application PayPal on its platform. The company made the announcement on its official website.
Andy Bryant, COO of bitFlyer Europe, said that they were proud to bring global payment services PayPal to cater to the users of bitFlyer. The users would have the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The addition of PayPal helps the users of bitFlyer to have a new funding gateway. Since thousands of users have PayPal accounts for fiat transactions, they can now use the same to purchase bitcoin and other cryptocurrencies.
The integration with the payment giant is a significant move in bridging the gap between fiat and cryptocurrency in Europe and process transactions safely and securely. The amalgamation is a step towards the companies’ mission of making cryptocurrency trading safer and more accessible around the world with additional support and protection to investors who are new in the crypto world.
With PayPal integrated with bitFlyer, deposits are expected to happen instantly, which otherwise could take one to three days for clearance under traditional payment methods, including wire transfer procedure.
The users of bitFlyer will now be able to deposit Euros to their wallet for trading in cryptocurrencies directly. Jacek Bastin, Europe Business Strategy Manager, bitFlyer, said that there would be no additional processing cost charged to the users for their transactions over and above PayPal’s fees.
PayPal has a worldwide customer base of more than 340 million and handles approximately 35 percent of all e-commerce transactions in Europe. With such reach, it can expose European netizens to the world of bitFlyer and cryptocurrency in general.
Jacek Bastin also highlighted that bitFlyer Europe was working on other ways to make cryptocurrency trading more accessible. However, he declined from disclosing any further details.
Apart from bitFlyer’s move to expand in Europe and the United States, it is evident that PayPal too is gearing up to upgrade using cryptocurrencies and blockchain.
PayPal has been on a hiring spree for crypto and blockchain engineers, and the giant is planning to enable direct cryptocurrency purchases for its global users, as reported by Cointelegraph.
Meanwhile, a letter from the PayPal management to the European Commission clarified that the company was assessing global developments in the cryptocurrency and blockchain arena. The letter further stated that PayPal was taking “unilateral and tangible steps” to develop its capacities in this field.